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U.S. Trade Representative Ron Kirk and Egyptian Minister of Trade and Industry Rachid Mohamed Rachid, signed a Plan for a Strategic Economic Partnership, which aims to promote economic cooperation between the U.S. and Egypt. This is an important step on the road to better relations between the two countries.
Such a plan benefits both partners, since expanding bilateral trade and investment relations can pay both political and economic dividends. In a written statement issued at the conclusion of their meeting, U.S. Trade Representative Kirk and Minister Rachid stated that greater economic cooperation between the two countries "will benefit both sides by supporting sound government policies that create jobs, boost investment, and build sustainable development.
Strengthened cooperation in the economic sphere is particularly important during this difficult time for the global economy. It will also help to sustain Egypt’s important recent economic reform efforts."
The Plan for a Strategic Economic Partnership opens communications on a commercial level, potentially allowing for new approaches to existing problems which often stem from economic stagnation and lack of job opportunity.
Revitalizing economic relations between the U.S. and Egypt can open new opportunities in Egypt through expanded trade and investment, spur innovation and increase productivity, create new jobs, and set precedents for future regional initiatives. Deeper bilateral economic ties can help secure Egyptian reforms. And a more stable and prosperous Egypt could serve as a starting point for building a broader U.S. economic partnership in the region.
"In the months ahead, we have dedicated ourselves to pursuing a program of intensified U.S.-Egyptian cooperation on economic, trade, and investment issues," said Trade Representative Kirk and Minister Rachid. "We are convinced that these efforts will serve as a welcome complement to the already strong cooperation our countries share on political and security matters."